Dallas, TX, Business Owner in a Divorce
Navigating Complex Divorces with Our Dallas Family Law Experts
Navigating divorce, particularly for business owners, entails complexities in dividing assets and debts; our adept family law attorneys in Dallas, TX, offer expert guidance to address these challenges, ensuring a smoother transition and equitable resolution.
Start your case today by calling us at (713) 581-3839.
Understanding Community and Separate Property in Texas
In Texas, as a community property state, the law mandates equitably dividing all property and debts acquired during marriage, including businesses or professional practices developed by business owners during divorce, subject to valuation and division.
Separate property, conversely, comprises assets brought into the marriage by an individual, including businesses established pre-marriage or with non-marital funds, a critical consideration for business owners and divorce. Nonetheless, these businesses may still have elements of community property, such as:
However, it will have community property components that will need to be valued and accounted for, such as the following:
- Joint investments or expansions in the business
- Value appreciation due to shared financial contributions
- Contributions of each spouse towards the business
Valuing a Business in Divorce Proceedings
Proper valuation is essential when dividing a business in divorce, ensuring the business owner can maintain operations post-divorce while providing fair financial compensation to the non-owner spouse. This process often involves professional business appraisers to evaluate goodwill and other intangible assets.
Special Considerations for Business Owners in Texas Divorce
Divorce can become more complex when dealing with property division. Our experienced family law team at the Law Office of Bryan Fagan, PLLC, is committed to guiding you through this challenging process. Our Dallas, TX, family law advocates are relentless in defending your interests, whether in mediation or litigation. We dedicate ourselves to delivering top-tier legal service, prioritizing your goals and well-being.
Call us at (713) 581-3839 or fill out our online form to schedule a free case consultation today.
